Back in February I posted on the short sales and foreclosures in Chicago’s University Commons development, which is right next to University Village where I live. At that time 11 out of the 21 sales in the preceding 12 month period were distressed properties – either short sales or foreclosures. Since it’s been a while I decided to update folks on the situation over there. Guess what? It hasn’t gotten any better.
In the last 6 months 7 out of 13 condos which have sold were either short sales or foreclosures – still about half of what sells. And when you look at the lofts that are currently on the market over there it’s clear that it’s not going to get any better any time soon with 17 short sales out of 37 condos currently on the market. See the table below with the MLS listings as of today. The short sales are highlighted in yellow.